Imported aluminium scrap prices in India record W-o-W fall of US$50/t

The Indian imported aluminium scrap market recorded unpredictable patterns and considerable price contraction W-o-W in some grades by up to US$50 per tonne. As of today, Middle East-origin aluminium tension prices contracted by up to $50 per tonne to $1,520 CIF, whereas the remaining scrap grades dropped by $10-50 per tonne W-o-W.

The global aluminium markets witnessed considerable volatility and changes, with a bid-offer spread of roughly $30-40 per tonne. Domestic demand, especially in the northern and southern regions, is sometimes low compared to other locations. Aluminium prices on the London Metal Exchange (LME) reached $2,147 per tonne Thursday, up $10 per tonne Y-o-Y. Furthermore, LME aluminium stockpiles fell by 7,975 tonnes y-o-y to 534,075 tonnes yesterday.

The western region is doing particularly well in a variety of areas. The general trade environment for this region's exporters has remained steady, with modest activity levels. While most exporters have maintained a continuous flow of products and services, some sellers may be under selling pressure and are willing to provide discounts of $20-30 per tonne to expedite the liquidation of their inventory.

Around 450 tonnes of contaminated tabour (cut and shredded) scrap from Europe were exchanged for $1,740 per tonne. A sale for 22 tonnes of US-origin aluminium plate scrap was recently completed for $1875 per tonne. Meanwhile, 500 tonnes of the same provenance zorba 95/5 were sold for $1700 per tonne.

Around 15 tense were traded on the domestic market for INR 150,000 per tonne. Approximately 100 tonnes of ADC12 ingots were exchanged for $2130 per tonne. Similarly, 100 tonnes of UK-origin taint tabor cut and shred sold for $1,565. Deals of around 25 t of UAE-origin taint tabor scrap were finalised at $1,900 per tonne, whilst UAE aluminium extrusion 6063 was sold for $2120 per tonne. Approximately 26 tonnes of China silicon 441 grade were sold to Busan, South Korea, for $1,930 CIF.

Received under the content exchange agreement with SteelMint